An Accenture study found that approximately one in nine COOs moved into the CEO’s shoes within a year of their departure and that half of COOs see themselves as the “heir apparent. Yet remarkably few companies have a comprehensive succession plan in place to make that transition successful. With this in mind, we look to further … Continued
Funds & Asset Management Market Update Q3 2016
October has certainly been a busy month and Q3 has been 42% up on Q2 in terms of placements.
Funds & Asset Management Market Overview
Q3 saw an uptick in demand for the traditional mainstay of fund administration – fund accounting. As we alluded to in our previous market update, many Irish based administrators had won new business at the beginning of the year with this bearing fruit of new hiring in Q3. Most of these roles have been at the junior end of the market but this usually flows upstream when teams build in size and people move as they see opportunities to advance externally, creating opportunities for supervisors and team leaders etc. Another interesting theme was the increase in demand for Polish based Fund Accountants. In recent years, many of the large multinational bulge bracket firms have moved the more manual functions to Poland and lately India. The Polish skillset is constantly improving with more complex functions moving there. We see this as an opportunity to help alleviate the pressure on a very candidate driven market which should continue well into 2017.
The increasing focus of streamlining the growing business that is fund administration has also become more evident in Q3. Many companies who focused on providing Project Managers and Business Analysts to other financial services areas are looking to gain a foothold in Funds & Asset Management. While there are numerous candidates who are highly experienced in other fields, the market within funds is still in its infancy and candidates with both service experience and funds experience are very much in demand. It is rare that a candidate who ticks all the boxes had to interview twice.
The flow of CV’s from abroad within Asset Management continued apace in Q3. Much has been commented about Brexit and we are constantly being asked by candidates and clients and other interested bodies on what the climate and appetite is for more front office activity in the Dublin market. Many multinational organisations are scouting Dublin and the recurring theme is whether we have the commercial and residential property capacity and the requisite talent pool. I will leave others best placed to argue the former but the answer is a hesitant yes on the latter.
As we don’t have a tradition as a front office hub many International candidates would be reluctant to move to Dublin initially. However, this has dramatically changed with many high calibre job seekers now calling to learn if the rumours have any substance. It will take another 6 months to really see any buds as no large organisation will commit a political error by declaring a move before article 50 is invoked. On the credit side, there is also a large expat contingent who are hovering anxiously hoping that their dream move back to Ireland can become a possibility without forsaking their banking, sales or trading career. We also have a huge base of talented graduates here but in reality; these would need to upskill before taking on the type of jobs we hope might move here with expat community and International professionals filling that gap.
October has certainly been a busy month and Q3 has been 42 % up on Q2 in terms of placements. We would think that this momentum would continue well into the first week of December before companies take stock and get a headcount for 2017. It continues towards a candidate driven market in the funds space and the scene for capital markets, asset management and front office activity in general should prove quite interesting, to say the least. Watch this space.
If you are thinking of a move this Q4, for a confidential discussion please contact me on firstname.lastname@example.org or call 01 661 0444.
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This year saw further rapid growth in the Irish construction sector, with Ireland being identified internationally as a prime location for inward investment. The sector saw extensive investment and an increase in hiring across industries, with plans granted for numerous multi-million-euro infrastructure and building developments in 2018. The highest levels of hiring and growth have … Continued